COWLES FOUNDATION FOR RESEARCH IN
ECONOMICS Box 208281
COWLES FOUNDATION DISCUSSION PAPER NO. 784 "Edgeworth Equilibria in Production Economies" Charalambos D. Aliprantis, Donald J. Brown and Owen Burkinshaw March 1986 An Edgeworth equilibrium is an allocation that belongs to the core of every n-fold
replica of the economy. In [2] we studied in the setting of Riesz spaces the properties of
Edgeworth equilibria for pure exchange economies with infinite dimensional commodity
spaces. In this work, we study the same problem for economies with production. Under some
relatively mild conditions we establish (among other things) that: 1. Edgeworth equilibria
exist; 2. Every Edgeworth equilibrium is a quasiequilibrium; and 3. An allocation is an
Edgeworth equilibrium if and only if it can be "decentralized" by a price
system. |
